(BEIJING) JUST IN: China will give El Salvador $150 million to spur development of social and technological projects, the Salvadoran president said on Wednesday, the latest sign of deepening ties between the countries that has alarmed the United States #AceFinanceDesk reports

#AceFinanceNews – Nov.08: Salvadoran President Salvador Sanchez Ceren is returning from his first trip to China since the countries established diplomatic ties in August. Speaking on local television, Ceren said he met with Chinese President Xi Jinping during the visit and agreed to 13 joint projects, without providing details #AceFinanceDesk reports

The donation marks China’s latest gambit to make inroads in Central America, a campaign that has drawn the ire of the United States: Earlier this year, El Salvador cut diplomatic ties with Taiwan in favor of China, following the Dominican Republic and Panama. The United States promptly recalled its ambassadors in the region.

“This historic meeting between the governments of the People’s Republic of China and the Republic of El Salvador has produced excellent results,” Ceren said. “This confirms that the establishment of diplomatic relations with China is my government’s most important decision in foreign policy.”

Speaking in Beijing, Chinese Foreign Ministry spokeswoman Hua Chunying said the two countries had agreed to a series of cooperation projects, including in infrastructure and education, when the two presidents met in China last week: “The friendly cooperation between China and El Salvador is developing smoothly and rapidly,” Hua told a daily news briefing………………“China is willing to provide what help it can for El Salvador’s economic and social development. The relevant help will be focused on people’s pressing welfare needs in El Salvador,” she added.

The date when the funds will be received has not been set, a spokesman for the Salvadoran government said: China will also donate three thousand tons of rice to support Salvadorans who are reeling from a drought in July and floods in October, Ceren said.

The White House warned in August that China was luring countries with incentives that “facilitate economic dependence and domination, not partnership.”Self-ruled Taiwan has formal relations with a dwindling number of countries, almost all of them small and less developed nations in Central America and the Pacific.

Source: Reuters.Com/ Published: November.08: 2018: Reporting by Nelson Renteria; Additional reporting by Ben Blanchard in Beijing; Writing by Julia Love; Editing by Darren Schuettler

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here Live Feeds https://acenewsroom.wordpress.com/ Ace News Services Posts https://t.me/AceSocialNews_Bot and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews all private chat messaging on here https://t.me/sharingandcaring

MARKET: #MidTerms Report: Wall Street rallies with Dow rising over 300-points and by the end of trade in Europe, the FTSE 100 closed up 1.1%, the Dax in Frankfurt climbed 0.8% and the CAC 40 in Paris added 1.24%. #AceFinanceDesk reports

#AceFinanceReport – Nov.07: Editor says here’s what we know of the markets: Wall Street rallied on Wednesday despite the prospect of political gridlock after the midterm elections: The Dow Jones Industrial Average rose 310.88 points, or 1.22%, to 25,946 and the tech-heavy Nasdaq jumped 134 points, or 2%, to 7,510, while the broader S&P 500 index climbed 36 points, or 1.33%, to 2,791.94 #AceFinanceDesk reports

0

“Wall Street welcomed the outcome of the midterm elections,” said David Madden, market analyst at CMC Markets: “Historically, equity markets have performed well out of a divided Congress as traders feel the government finds it difficult to get new laws passed, and therefore not much changes………”The US economy had positive momentum going into the midterms, and that is likely to continue.”………..The election was held against a backdrop of huge volatility during October that saw many top indices enter technical correction territory………….The main worries included the effect of rising US interest rates and the US/China trade war.

There are predictions that now the election is out of the way, stock market values could start to creep back up towards record values again as buying opportunities are sought: “The rise in popularity of the Democrats could be construed as a vote against Trump’s tough trade stance, and perhaps the White House might soften its position regarding China,” Mr Madden said…………….”There is speculation the Democrats are keen to improve infrastructure, and we are seeing a rally in Caterpillar.”………….The technology and healthcare sectors rose more than 1.5% each with the prospect of restrictive legislation fading because of possible gridlock.

“Mr Trump has set his sights on tech giants like Amazon, and the outcome of the midterms might make it more difficult for him to go after tech titans,” Mr Madden said.

Source: Sky News: Dow jumps 300 points as Trump tightens grip on Senate https://t.co/8sATUAzWU1CNNMoney.Com/ Published: November.07:2018:

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here Live Feeds https://acenewsroom.wordpress.com/ Ace News Services Posts https://t.me/AceSocialNews_Bot and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews all private chat messaging on here https://t.me/sharingandcaring

(WASHINGTON) Markets: The final major economic report before Tuesday’s congressional elections show ed that U.S. employers added a stellar 250,000 jobs in October and raised average pay by the most in nearly a decade and unemployment at five decade low of 3.7 percent and pay rose fastest since 2009 #AceFinanceDesk reports

#AceFinanceReport – Nov.03: Friday’s employment report from the government pointed to a consistently robust job market that shows no sign of flagging even with the economy in its 10th year of expansion: Many employers have been struggling to find qualified applicants, which helps explain why average pay rose 3.1 percent over the past 12 months — the fastest year-over-year increase since 2009 #AceFinanceDesk reports

Those higher wages may be drawing more people into the labor market. An influx of new job-seekers increased the proportion of Americans with jobs to its highest level since 2009: By some measures, consumers are the most confident they have been in 18 years, and their spending is propelling brisk economic growth. The economic expansion is now the second-longest on record, and October marked the 100th straight month of hiring, a record streak.Strength in their customer demand has been a key factor leading companies to steadily add workers. Though economists have predicted that hiring will eventually slow as the pool of unemployed Americans dwindles, there’s no sign of that happening yet.

Still, the latest month of healthy job growth might not tip many votes in the midterm elections. Polls have suggested that while Americans generally approve of the economy’s performance, that sentiment hasn’t necessarily broadened support for President Donald Trump or for Republican congressional candidates: The strong job growth and bigger pay increases will likely encourage the Federal Reserve to keep raising short-term interest rates. Most analysts expect the Fed to resume its rate hikes in December.Hurricane Michael, which slammed into the Florida Panhandle and southern Georgia last month, had no discernible effect on the jobs data, the government said.

Still, October’s outsize gain might have reflected, in part, a rebound from September, when Hurricane Florence depressed job growth.Hiring in October was strong in higher- and middle-income jobs: Professional and business services, which include engineers, architects and accountants, gained 35,000 jobs. Manufacturers added 32,000 after two months of smaller gains, defying fears that Trump’s trade fights would slow hiring in that sector. Construction companies added 30,000 positions……………………..Retailers barely hired, adding just 2,400 positions, possibly reflecting the Sears bankruptcy…………………Restaurants and hotels gained 33,000, most of them lower-paying.In the July-September quarter, consumer spending grew by the most in four years and helped the economy expand at a 3.5 percent annual rate. That growth followed a 4.2 percent annual pace in the April-June quarter……………Combined, the two quarters produced the strongest six-month stretch of growth in four years.

Manufacturing output and hiring remain healthy, according to a survey by a private trade association, although increased tariffs have raised factory costs: By contrast, housing remains a weak spot in the economy, with sales of existing homes having fallen for six straight months as mortgage rates have risen to nearly 5 percent. But slower sales have started to limit home price increases, which had been running at more than twice the pace of wage gains.

There are other signs that pay growth is picking up: A measure of wages and salaries rose 3.1 percent in the third quarter from a year earlier, the best such showing in a decade, the government said Wednesday……………..Although pay increases can help boost spending and propel the economy’s growth, they can also lead companies to raise prices to cover their higher labor costs………………….That trend, in turn, can accelerate inflation.So far, though, inflation remains in check. The Federal Reserve’s preferred price measure rose 2 percent in September compared with a year earlier, slightly lower

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here Live Feeds https://acenewsroom.wordpress.com/ Ace News Services Posts https://t.me/AceSocialNews_Bot and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews all private chat messaging on here https://t.me/sharingandcaring

FEATURED BLOGGER REPORT: The Parasites of Western Economy, Part 12: Local councilors and their self-granted benefits //AdditionalSurvivalTricks #AceFinanceDesk reports

The Parasites of Western Economy, Part 12: Local councilors and their self-granted benefits.

by tonytran2015 (Melbourne, Australia).

Click here for a full, up to date ORIGINAL ARTICLE and to help fighting the stealing of readers’ traffic.

(Blog No. … ).

The Parasites of Western Economy, Part 12: Local councilors and their self-granted benefits.

#parasite, #local council, #oversea junket, #misspending, #budget over-run,

Advanced Western countries (US, UK, Canada, Australia, New Zealand and many EU countries) have multilayered governments. Governments at the lowest level in that hierarchy are the Local Governments. They are responsible with all matters not delegated to their higher governments.

Typical local governments (such as in Victoria, Australia) are called the Local Councils, they are responsible for the following matters:
Rubbish removal service, Local roads and parks maintenance, Running primary and secondary schools, library service, local hospitals.
They are expressly excluded in the following matters: Foreign Affairs, Defense, All matters delegated to Federal and State governments.

The systems in other advanced Western countries are similar.

Any government in the World obtains its money from taxes imposed on its citizens. However citizens have the herd mentality and are often unconcerned that their money may be in the wrong hands. This sets the scene for parasites to come in and suck the communal treasury. [1-12]

1. The runaway Local governments.

Local Councils are currently not audited and their spending are open to abuse. The budget of any Council can be easily siphoned by:

1a- Excessive costs of “external consultancy” on projects. Councilor candidates should have declared their expertise on projects promised to constituents before standing as candidates for elected offices and external consultancy should not be but have been used as a shield to hide incompetence of elected representatives. [13-21]

1b- Unnecessary expensive costs granted by Councilors to themselves for oversea “study trips” (Councilors should have learned about the costs of their promises before standing as candidates for election). Councilors love going on oversea study trips. Those oversea study trips if necessary should have been delegated to professional specialist employees of Council. [22-32]

1d- Non-transparent tendering on approved project.

1e- Unacceptable accounting method lumping significant costs under the headings “others” to hide specific spending items from tax payers. (The heading “others” in any accounting report should only be used just to avoid its overcrowding, by reducing any of its long lists of competing significant items to less than 10 items long).

2. Reform to Local Government are needed.

Residents have cried out for reform to local governments. The following points should be addressed by any reform:

2a. Taxes (also called rates) by local government should be based on service provided. Currently the collection of Council taxes (also called rates) is capped by a percentage on the values of property (land and houses).

2b- Councils are responsible for the following core activities:

Rubbish removal service, Local roads and parks maintenance, Primary and secondary schools, library service, local health offices.[33]

2c- Each Local Council must have functioning information office at town hall and website for residents to follow its activities and register their objections to its actions.

2d. Issues affecting residents significantly (including major and costly projects) must be made public for significant time through Council information office and website.

2e- Councilors must vote in public by show of hands in meeting at their respective town halls on issues affecting residents significantly (including major projects) but the latter have to be made public. Such decisions should be made subjected to revocation by more than 50% of voting residents registering objection by internet within 4 weeks. [34]

2f- Councils can only have recurrent budget items covering the salaries and expenses on their core activity categories specified in 2b.

2g- Any intended spending on all other activities must be publicized, discussed and approved in public meetings as specified by 2e.

Study costs, especially oversea trips for Councilors (who should have learned about their policy promises before standing up for election) should be banned as elected office holders should not be able to grant “benefits” to themselves. [35-36]

2h- Project spending should be carried out with transparent public tenders.

2i- Councilor candidates must declare their expertise on projects promised to constituents before standing for elected office and external consultancy costs to Council on those promises must be revealed.

As a consequence, a candidate would have to say:

If elected I will pay $1M dollars to get a consultant to give us the price to build a Taj Mahal for the Town Hall

instead of

If elected I will spend $10M dollars to build a Taj Mahal for the Town Hall.

2j- Records of all previous election promises at all elections of each councilor candidate must be declared.

2k- A higher government (such as State government in Australia) should audit Council Budgets annually. This audit should reveal activities which are inefficient or are outside the authorized responsibilities of Councils.

3. Examples of run-away Councils.

3a- Councils now have little idea on how to do its core business of garbage collection and dealing with recyclable wastes. [37]

3b- A local council spend money to promote LGBT in the referendum. This is a human rights issue which is for the Federal government to solve.[38]

The ratepayers of Moreland will be astonished to learn that the council is considering spending their hard-earned dollars in support of Russian punk protest band Pussy Riot. This is a human rights issue which is for the Federal government to solve.[39]

3c- Council of Marybyrnong keep the expensive practice of replanting kerbside trees every few years near its Footscray Library.

3d- Council of Brimsbank spent large amount of money to erect a temporary luxury huts promoting “green houses” on Hampshire Road in August-September 2018.

3e- Bayside Council runs its own bus services. [40-41]

3f- Councils running City sisterhood with oversea cities.[42]

Fortunately, the NSW government will crack down on council travel junkets. Under the overhaul, councils will have to disclose what is spent on sister city trips

4. Conclusions.

4a- Reforms to Local Governments are urgently needed.

4b- Every citizen has to be vigilant and report to the higher, supervising Government any cheating he can see at Local Government level. Only by doing so he can avoid being turned into a tax-donkey provider for those cheats. Citizenry must also actively participate in politics to prevent corrupt politicians from turning local tax (also called rate) money into honey pots for themselves and Councilor Offices as their incubator. First hand contact with them will show you their unbounded greed and their contempt for tax payers.

References:

[1]. Investigation into the alleged improper conduct of councillors at Brimbank City Council, https://www.ombudsman.vic.gov.au/Publications/Parliamentary-Reports/Investigation-into-the-alleged-improper-conduct-of

[2]. http://www.abc.net.au/news/2008-02-27/council-sacked-over-cost-blow-out/1055950

[3]. Council spending: Staff wages blow out council spending costs …, Sunday Herald Sun. May 12, 2018 9:00pm, https://www.heraldsun.com.au/news/victoria/staff-costs-blow-out-by-500m-and-take-bigger-share-of-councils-spending/news-story/911e5c5c1c363fc569b48538deb79cc7

[4]. https://geelongindy.com.au/news/26-10-2018/bureaucratic-cost-blowout-threatens-chilwell-ps-project/

[5]. https://www.perthnow.com.au/news/fremantle/fremantle-artwork-removal-costs-blow-out-tenfold-ng-b88931008z

[6]. https://m.northernstar.com.au/news/sculpture-blowout-to-cost-council/2318559/

[7]. https://www.goldcoastbulletin.com.au/news/gold-coast/gold-coast-city-council-coast-blowout-blamed-for-delay-in-nerang-park-light-installation/news-story/f955e31259a126d73b952e4658c49855

[8]. https://www.heraldsun.com.au/leader/north/darebin-council-projects-delayed-with-2m-cost-blowout/news-story/6b48ccde5f0ae2abb93f21c086d1df8f

[9]. https://i.stuff.co.nz/the-press/news/104219388/council-tried-to-keep-multimilliondollar-christchurch-town-hall-budget-blowout-quiet

[10]. https://www.radionz.co.nz/national/programmes/checkpoint/audio/201861321/auckland-council-criticised-from-within-over-budget-blowout

[11]. https://www.zdnet.com/article/brisbane-lord-mayor-blasts-technologyone-for-au60m-contract-blowout/

[11b]. https://www.smh.com.au/technology/brisbane-city-council-it-contract-faces-potential-60-million-blowout-20170125-gtygbh.html

[11c]. https://www.cio.com.au/article/613210/brisbane-city-council-tech-project-faces-possible-60m-blow-out/

[11d]. https://www.heraldsun.com.au/leader/news/what-melbourne-councillors-claim-as-expenses-funded-by-ratepayers/news-story/4c1fc9a3f4611f7d9e969ec0694ae4d6
[12]. https://www.heraldsun.com.au/leader/north-west/maribyrnong-councillor-sarah-carter-spends-100-a-week-on-phone-bill/news-story/e1313c18dc6f1746dd6ec42db658abf7
[13]. https://www.smh.com.au/national/nsw/government-spending-on-consultants-blows-out-by-250m-auditor-20171222-h09bso.html

[14]. https://www.thesun.co.uk/news/4874478/cornish-council-75000-poldark-pasties/

[15]. https://www.consultancy.uk/news/13514/st-albans-council-spends-12-million-on-consultants

[16]. http://www.dailymail.co.uk/news/article-1210682/Haringey-council-spent-24m-consultants-failing-save-Baby-P.html

[17]. https://thestandard.org.nz/auckland-council-it-blowout-guest-post/

[18]. https://i.stuff.co.nz/the-press/news/97201238/consultant-costs-drive-34-million-christchurch-city-council-overspend-on-personnel

[19]. https://i.stuff.co.nz/business/104922841/Govt-blames-public-servant-cap-for-blowout-in-consultant-costs-to-550m-a-year

[20]. https://www.news.com.au/national/victoria/8300-research-trip-for-arch-called-the-springvale-asian-gateway/news-story/513d52517dc3ea8a1d734e8e9e553fe5

[21]. https://www.theage.com.au/national/victoria/melbourne-city-council-budget-2017-spending-rates-bonanza-replacing-roads-with-parks-and-malls-20170504-gvyl0u.html

[22]. https://vexnews.wordpress.com/2009/03/12/no-comment-melbourne-greedy-greens-party-councillor-stonewalls-over-junkets/

[23]. https://www.heraldsun.com.au/ipad/we-pay-for-more-than-1-million-council-junkets/news-story/4cbbaf2652d30269bcc1c2267ec7bfe8

[24]. https://www.bordermail.com.au/story/5234712/mayor-wants-permit-to-fly-on-asia-junket-to-help-create-jobs/

[25]. https://www.theherald.com.au/story/5552345/debate-over-lake-councils-35000-international-study-tour/

[26]. https://www.smh.com.au/national/no-junkets-lord-mayor-packs-his-bags-for-trips-20091102-htgu.html

[27]. https://www.thechronicle.com.au/news/council-should-consider-taking-taxpayers-japan-tri/3148138/

[28]. https://www.thechronicle.com.au/news/council-reveals-destination-fifth-overseas-trip/3175149/

[29]. Council defends overseas ‘junkets’
http://www.pressreader.com/australia/the-chronicle8992/20140212/281908771038726

[30]. https://www.couriermail.com.au/queensland-ratepayers-forking-out-for-councillors-global-junkets/news-story/f4a4782b76dba20228631b433a8b02ea

[31]. VICTORIAN councils are splashing ratepayers’ money on overseas “junkets” instead of focusing on local issues, https://www.heraldsun.com.au/news/victoria/melbourne-councils-under-fire-for-asia-junket-spending/news-story/bc7ec9b5b63991dc43f1cc09a0bcdd44

[32]. https://fremantlereform.com/council-cof/cost-of-fremantle-mayors-rate-payer-funded-junket-doubles/

[33]. http://www.abc.net.au/news/2018-04-19/queensland-council-recycling-dump-to-start-nationwide-reaction/9673370

[34]. https://www.theage.com.au/national/victoria/melbournes-most-secretive-council-under-fire-20160622-gpp36m.html

[35]. https://www.dailymail.co.uk/news/article-6172283/Council-Melbourne-staff-spent-330-000-taxpayer-funds-trips-year.html

[36]. https://www.bordermail.com.au/story/5234712/mayor-wants-permit-to-fly-on-asia-junket-to-help-create-jobs/

[37]. https://fremantlereform.com/council-cof/councils-costly-world-tour-for-rubbish-junkets-continues/

[38]. https://www.heraldsun.com.au/leader/north-west/marriage-equality-moreland-council-flies-rainbow-flag/news-story/334d4b8073f79d045a27ace7e93920e0

[39]. http://www.heraldsun.com.au/news/opinion/more-stupid-council-waste/news-story/620156e34af89e0299a6e8675cf35134

[40]. https://www.bayside.vic.gov.au/news/commuter-bus-trial

[41]. https://www.opendemocracy.net/neweconomics/why-has-the-government-just-banned-councils-from-running-their-own-buses/

[42]. https://www.dailytelegraph.com.au/news/nsw/nsw-councils-to-disclose-full-cost-of-sister-city-trips-in-travel-junket-crackdown/news-story/5e36c4d99a56f89c55d3672c190f7032

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Source: https://survivaltricks.wordpress.com/2018/10/28/the-parasites-of-western-economy-part-12-local-councilors-and-their-self-granted-benefits/

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here Live Feeds https://acenewsroom.wordpress.com/ Ace News Services Posts https://t.me/AceSocialNews_Bot and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews all private chat messaging on here https://t.me/sharingandcaring

MARKETS: AUSTRALIA) Shares in troubled financial services firm AMP have failed to fight back from yesterday’s 25 per cent plunge, ending down by nearly 5 per cent at a fresh record low after failing to hold onto the early gains today before the company’s first damaging appearance at the banking royal commission #AceFinanceDesk reports

#AceFinanceReport – Oct.26: After choosing a bad day to reveal news to the market, and being swept up in the global sell-off that saw Australian shares wipe off more than $50 billion in value, AMP shares failed to hold on to early gains today: The stock closed at $2.38, compared to its 2018 high of $5.47 in March — before the company’s first damaging appearance at the banking royal commission #AceFinanceDesk reports

Building with AMP logo on topPhoto: AMP’s reputation and share price have taken a battering since the banking royal commission. (Reuters: David Gray)

AMP’s stints before the commission have revealed lies told to the corporate regulator, interference with an independent report and charging fees for no service, leading to the loss of a chairman, chief executive and a slew of directors.

“Almost from the day it listed 20 years ago, it’s been almost one bad story, or one bad move, after another,” investor and former fund manager Peter Morgan said.

The latest story was confirmation that customers are deserting AMP. Its Australian wealth management division saw a $1.5 billion net outflow of funds over a what it called a “testing” quarter, coming on top of nearly $900 million over the previous six months.

The company also announced the sale of its life insurance business to Resolution Life for $3.3 billion.

Despite the life insurance sector taking a battering at the royal commission, Mr Morgan thinks there was a potential opportunity in an industry “on its knees”.

“The sale feels desperate,” he said.

However, he used the share-price plunge as a buying opportunity, picking up some AMP shares on Friday morning with the hope the potential impacts of the royal commission’s final report are already priced in.

“The pain is well known and the problems are well known, that’s in the market now and hopefully it can’t get any worse,” he said.

There was blood in the streets yesterday.

“When you see a stock fall 25 per cent, following on from a history of negativity, it feels like the last are getting out.”

Embed: AMP share price

‘A sense of arrogance’

The pain has been long-term for AMP shareholders — after the stock peaked above $14 in 2001 — and Morningstar analyst Chanaka Gunasekera thinks management’s short-term focus has been the problem.

They haven’t looked to the long term interests of shareholders,” he said.

Mr Morgan says a “sense of arrogance” has hurt the company since it listed on the market in 1998.

“It’s better to under-promise and overdeliver rather than the reverse, overpromise and underdeliver, which has been basically what AMP has done,” he said.

However, most analysts say the company’s problems are not terminal.

“There are a couple of businesses within AMP that are doing pretty well — you’ve got AMP Capital and AMP Bank,” Mr Gunasekera said.

Mr Morgan thinks management needs to sell their strategy better and is calling for the board to have some skin in the game, to instil confidence in investors.

“If I could say one thing to AMP, I’d say get out there on the front foot and be transparent,” he said.

“I’d love to see the directors buy some shares in it, out of their own back pocket.”

New chief executive Francesco De Ferrari takes the reins in December, with a battered corporate reputation and share price awaiting his attention.

Source: ABC.Net/Reuters.Com/ Published: October.26: 2018:

Related Story: AMP shares nosedive 25pc to record low on life insurance sale and funds outflow

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JUST IN: Ford is cutting staff as it transforms its business: The second largest US automaker said it was reorganising its global salaried workforce as part of a broader plan to trim costs and revitalise its business but numbers were not announced #AceFinanceDesk reports

#AceFinanceNews – Oct.06: The second largest US automaker said Friday it was reorganising its global salaried workforce as part of a broader plan to trim costs and restructure: “The reorganisation will result in headcount reduction over time and this will vary based on team and location,” a spokesperson said in a statement: The company did not say how many salaried jobs would be trimmed or when the changes would take place. The spokesperson said it would announce specifics at the “appropriate time.” #AceFinanceDesk reports

The Detroit Free Press and Detroit News, which were first to report the planned job cuts, said workers were informed on Thursday. The company employs about 200,000 people around the world, including some 70,000 salaried workers, according to the Free Press: In July, Ford said it was making big changes to its core auto division and would spend $11 billion to help it adapt.

The company has not detailed its planned changes, but Ford and top auto makers are focusing on trying to develop self-driving cars: Analysts have been critical of Ford’s lack of transparency: In July, Ford lowered its earnings guidance for the rest of the year. It blamed struggles in Europe and Asia, although its North American division has been performing well.

Shares of Ford have fallen 26% this year. Shares were slightly down on Friday CNN.Com/

Sources: CNN – The Detroit Press – Detroit News – Published: October:2018:

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here Live Feeds https://acenewsroom.wordpress.com/ Ace News Services Posts https://t.me/AceSocialNews_Bot and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews all private chat messaging on here https://t.me/sharingandcaring

MARKETS: JUST IN: Unemployment rate drops to 3.7%, lowest in nearly half a century and only 134,000 jobs wer e added due to ‘ Hurricane Florence ‘ with many people working part-time wanting full time j obs as earnings grew 2.8% and markets roar away its reported on Friday #AceNewsDesk reports

#AceFinanceReport – Oct.05: The unemployment rate dropped to a half-century low in September, the Labor Department reported Friday: The U.S. unemployment rate fell to 3.7 percent in September — the lowest level since December 1969 — signaling how the longest streak of hiring on record has put millions of Americans back to work: However, there was an increase in the number of people working part-time who want full-time work #AceNewsDesk reports

The unemployment rate is now at 3.7 percent, the lowest rate since December 1969, when the jobless rate was 3.5 percent. That’s despite September hiring being slower than expected. “The fall in the unemployment rate is largely due to the ‘right’ reasons: people finding work (i.e. not because people gave up looking),” wrote Elise Gould, senior economist at the Economic Policy Institute.

Unemployment fell broadly, indicating that workers across all levels of education are finding work: “Over the last six months to a year, the market has really tightened at the lower-experience level,” said Cathy Barrera, chief economist for ZipRecruiter, an online job platform. “That’s really good news for people with less education and also young people.”

Only 134,000 jobs were added, But that figure was likely depressed by the impact of Hurricane Florence while economists had been expecting about 180,000 jobs to be added. Most say it’s a temporary dip, which battered and flooded the Carolinas in mid-September, during the time the national jobs survey is conducted. Businesses that close temporarily can have a big impact on the jobs numbers, Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a note: “[T]he official data only include people who were paid something – anything – in the survey period,” he wrote. People “who could not work because of the storm therefore disappear temporarily from the BLS numbers.”

Other data show the economy roaring ahead. Earlier estimates for job creation in July and August were revised up, so that on average, businesses added nearly 200,000 jobs per month this year — well above the number needed to keep up with a growing population.

Average earnings grew 2.8 percent year-over-year. While that’s still lower than what economists would expect with a rock-bottom unemployment rate, it’s an improvement from the 2.0 percent wage growth seen at the start of this year. Economist Justin Wolfers said September’s data pushes up annualized wage growth over the last three months to a healthy 3.8%.

While nominal wage growth over the past 12 months is only 2.8%, there’s definitely a trend here…

Annualized wage growth over the 3 months ending:
Dec 2017: 2.0%
Mar 2018: 2.4%
Jun 2018: 2.9%
Sep 2018: 3.8%

— Justin Wolfers (@JustinWolfers) October 5, 2018

Date Published: October.05:2018:

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(NEW YORK) Gov.Cuomo says the only way to fund the MTA and prevent a subway crisis is to charge motorists a congestion charge but let drivers deduct the fees from their tax returns #AceFinanceDesk reports

#AceFinanceNews – Oct.05: With the subways in crisis, Gov. Andrew Cuomo is abandoning his demand for New York City and its reluctant mayor to fund the MTA, saying congestion pricing is the only option…………..Not to be outdone, Cuomo’s Republican opponent says OK, but let drivers deduct the fees from their tax returns #AceFinanceDesk reports

The line of demarcation would be on West 60th Street, CBS2’s Marcia Kramer reported: Cross it in a car, truck or taxi going south, and you may soon have to swallow hard and dig deep into your pocket for a congestion fee to enter the central business district: A whopping $11.52 from 6 a.m. to 8 p.m., if Cuomo accepts the recommendation of his own task force: Cuomo surprised a group of the city’s movers and shakers at the Association for a Better New York by saying up he’s given up on trying to get Mayor Bill de Blasio to cough up some dough, and that congestion pricing is the only viable solution for fixing the subways.

Here are the options: God is going to send down $33 billion… that’s not going to happen,” Cuomo joked. “New York City is going to dig into its pocket and they’re going to ante up, and the state will ante up. That’s not going to happen. There’s only one way it happens, and that is congestion pricing.”

Cuomo dismissed De Blasio’s continued insistence on a millionaire’s tax as “political blather.”…………………..“Well, ideally we would like to have a millionaires tax,” Cuomo said. “Yes, I wish I could be an elected official who lives in the ideal.”

Cuomo’s Republican opponent, Dutchess County Executive Marc Molinaro, says once the MTA tightens its belt and eliminates waste and fraud “by reforming expenditures, by holding down costs, by making the system more efficient,” he would support congestion pricing too. But he wants to offer drivers some tax relief.

“Our plan is they would be able to deduct it from the state’s income tax,” Molinaro said.

And while commuters may cheer, drivers are offering a Bronx cheer

“It’s a bad idea. I don’t like it. It’s more expensive. I don’t want to pay extra in a yellow cab. Our business is down we don’t need to pay extra,” a cab driver named Zakia said: Others called congestion pricing a “terrible idea” that would cause people to suffer……….“It’s think it’s a bad idea. We don’t have too much money to pay extra for things in the city,” said Jackson Heights resident Mario Bonilla…………Cuomo said he will ask the legislature to pass congestion pricing when it returns to Albany.

He called on all the movers and shakers at the breakfast today to help convince lawmakers.

Source: CBS Local New York Published: October.04: 2018:

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(LONDON) £600-Million sale of Wembley Stadium to Fulham owner ‘Shahid Khan ‘ has moved a step forward after being discussed by the FA’s 127-member board but former England player Gary Neville called the plan ridiculous: Heres details of the planned sale #AceFinanceDesk reports

#AceFinanceNews – Sept.30: It will now be considered by the 127-member FA Council on 11 October, with its views likely to impact on the board’s final decision: FA chiefs say money from the sale to Fulham owner Shahid Khan could help transform community facilities: But the plan was called “ridiculous” by former England player Gary Neville #AceFinanceDesk reports

Wembley Stadium reopened 11 years ago after a rebuild costing £757m

Wembley Stadium reopened 11 years ago after a rebuild costing £757-Million https://en.wikipedia.org/wiki/Wembley_Stadium

In a statement, an FA spokesperson said: “The sale of Wembley Stadium, the negotiated protections and an outlined plan to invest £600m into football community facilities, were presented and discussed at the FA board meeting today.

Following on from this discussion, the FA board has agreed to take the presentation to the FA Council to get its input now that the full facts are known.”

FA chiefs have previously said they would not give up the national stadium unless there was a consensus within the game: The FA Council – which includes representatives of the Premier League, Football League and county FAs – does not have the power to accept or reject the deal.

The news from today’s FA board meeting is welcomed and encouraging,” Khan said

“I understand the discussion was open and thorough. One cannot ask for more as we continue to work through the process toward reaching an agreement that will serve English football for generations to come: He added that his purchase of Wembley had “no effect” on plans to renovate Fulham’s ground, Craven Cottage, which would continue as “the permanent home of Fulham Football Club”.

What are the details of planned sale?

  • Khan has offered £600m for the national stadium. The governing body would retain rights for the Club Wembley hospitality venture which it values at £250m-£300m.
  • He wants to move his American Football team, the Jacksonville Jaguars, to Wembley.
  • The FA plans to use profit from the sale to invest in grassroots facilities.
  • It has pledged to keep showpiece events, such as most England internationals and the FA Cup final, at the stadium under a pre-agreed hire fee.

Shahid Khan – If you love English football, Wembley deal must go ahead

Analysis – ‘Closer to historic decision’

BBCSport.Com/ Published: September.30:2018: Correspondent Richard Conway

This deal is inching forwards: But it remains under threat from those opposed to selling off what they see as the crown jewels of English football: FA councillors will now get the chance to hear the plans over how the windfall would be invested and the commercial protections that will be put in place by the FA……………A further meeting is then planned with councillors to air grievances or raise any concerns………….The 127-strong body has no formal power to block the deal. But if there’s substantial resistance then it’s difficult to see how the sale could feasibly continue………………..Should it navigate that stage then the board will meet again – the date is currently unknown – and make a final, potentially historic, decision.

Pros and cons – what they say

FOR

The FA says only one in three grassroots pitches are of adequate quality and it will invest in facilities.

FA chief executive Martin Glenn: “This is an opportunity to unleash an unprecedented amount of investment into community football. Receiving an offer to sell Wembley Stadium is not a ‘betrayal’. It is not selling the ‘soul of the game’.”

Prospective Wembley buyer Shahid Khan: “If you love English football, you want this deal to go ahead. This is a very good deal for all parties involved.”

AGAINST

Opponents have suggested selling an iconic national venue is a short-term plan which the FA will live to regret.

Former England and Manchester United defender Gary Neville: “The FA feels to fund the grassroots programme, they have to sell a national asset – it’s quite simply ridiculous. Don’t sell Wembley when you can place a levy on agents’ fees.”

Ex-Wembley chairman and Chelsea owner Ken Bates: “I thought it was a joke at first. The FA is not a commercial institution; it is the custodian of the national game.”The proposed £600m sale of Wembley Stadium has been unanimously backed by the Football Association’s board

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here Live Feeds https://acenewsroom.wordpress.com/ Ace News Services Posts https://t.me/AceSocialNews_Bot and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews all private chat messaging on here https://t.me/sharingandcaring

JUST IN: Trumps #MAGA Economy ADDS a strong 201,000 jobs in August, and the unemployment rate remained near historical lows at 3.9% Ave earnings GREW 2.9% in the strongest rate since 2009 #AceFinanceDesk reports

#AceFinanceReport – Sept.07: The unemployment rate stayed at 3.9%, near historical lows, the Labor Department reported #AceNewsDesk reports

Average hourly earnings grew 2.9% compared with a year ago, the strongest rate since 2009. That number is not adjusted for inflation, which has been rising in recent months and eating into workers’ paychecks. And it’s lower than wage growth rates in previous economic expansions……………………..Still, the wage growth figure may be held down by larger numbers of young people entering the workforce at lower pay scales. Other measures of wage growth, such as the total cost for employers, have been rising more quickly.

“We don’t think it’s a fluke,” said Liz Ann Sonders, chief investment strategist at Charles Schwab. “We think we are at that stage where the labor market has gotten so tight that you’re going to see upward pressure on wages.”

The job gains for August were roughly in line with the average for the last 12 months, which is196,000: Employment growth was revised down by a total of 50,000 over June and July, making the last three months look more like a slowdown as trade tensions loomed. August is also commonly revised, meaning that this month’s number will likely change as well. …………………………August’s job gains were driven by professional and business services as well as health care and wholesale trade. Manufacturing shed 3,000 jobs, the sector’s first monthly decline since July 2017, although manufacturers have still added 254,000 jobs over the year………………The economy has been on a roll lately, with employers reporting difficulty finding enough workers to fill their open positions. The number of job openings has exceeded the number of unemployed people since March.

CNNMoney (New York) First published September 7, 2018: 12:01 AM ET: https://cnnmon.ie/2Nm0ykF pic.twitter.com/FcueJ9rBcE

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